In a mixed economy, who makes the economic decisions?

Both the government and private businesses

Which of the following is NOT an example of unethical behavior? A) Lying, B) Following laws and honoring commitments, C) Stealing, D) Discrimination

Following laws and honoring commitments

Why is ethical marketing important?

It helps build trust, credibility, and customer satisfaction.

What is one key difference between personal and professional ethics?

Personal ethics reflect individual values, while professional ethics reflect workplace behavior.

Which of the following is a benefit of ethical behavior in marketing? A) Reducing production costs, B) Building brand loyalty and trust, C) Increasing discrimination, D) Avoiding competition

Building brand loyalty and trust

What happens when a business markets unethically?

Damages credibility and brand reputation

Which of these is part of professional ethics? Options: Making unethical decisions outside of work Behaving inappropriately in the workplace Reflecting company values in workplace behavior Ignoring the code of ethics

Reflecting company values in workplace behavior

A business code of ethics is designed to: Set clear expectations for employees’ conduct, Replace all personal ethical beliefs, Encourage unethical behavior to maximize profit, Allow for flexible rules within the company

Set clear expectations for employees’ conduct

A psychographic profile is primarily focused on:

The attitudes, values, and lifestyle of a customer

What is the primary goal of market research?

To understand consumer needs, preferences, and behaviors

Which of the following describes direct competition? Companies that sell different products to the same target audience, Companies that sell the exact same product as your company, Companies that have the same management structure, Companies that operate in different industries

Companies that sell the exact same product as your company

Indirect competition occurs when: A competitor offers similar products or services but not the same product

A competitor offers similar products or services but not the same product

Which of the following is not an example of primary data? Surveys conducted by the company, Sales reports purchased from a third party, Interviews with customers, Observations made by employees

Sales reports purchased from a third party

A small group of customers selected to discuss their opinions and preferences

Which is an advantage of primary data?

It is specifically tailored to the business’s needs

The purpose of dividing a large market into smaller segments is to:

Reach the target audience more effectively

Which of the following is a tool used to collect primary data? Options: Customer testimonials, Social media posts from competitors, Customer interviews and focus groups, Industry publications

Customer interviews and focus groups

Which of the following is an example of quantitative research? Conducting a survey to rate customer satisfaction on a scale of 1 to 10, Interviewing customers to understand their feelings about a new product, Observing customer behavior in a store, Asking for feedback about a store experience without specific questions

Conducting a survey to rate customer satisfaction on a scale of 1 to 10

Which of the following is not a good way to analyze competition? Researching competitors’ product features and pricing, Ignoring competitors completely and focusing only on your own product, Reading online reviews of competitors’ products, Studying competitors’ marketing strategies

Ignoring competitors completely and focusing only on your own product

Which is an essential goal of marketing?

Build connections and satisfy customer needs

The marketing process involves: Only the seller, The buyer, seller, product, and transaction, Government regulations, Pricing strategies only

The buyer, seller, product, and transaction

What is the primary purpose of a product in marketing?

To satisfy customer needs or desires

What is an enhanced product?

A basic product with additional features

What is the purpose of branding?

To deliver a clear message and create customer loyalty

Marketing Flashcard Flashcards

Student preview

96 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the process of creating, communicating, delivering, and exchanging offerings that have value?

Back

Marketing

2.

FLASHCARD QUESTION

Front

Which term describes a group of potential customers?

Back

Market

3.

FLASHCARD QUESTION

Front

Who are the recipients of marketing efforts?

Back

Customers

4.

FLASHCARD QUESTION

Front

Which of the following is an example of exchanging in marketing? Advertising a product, Offering a free trial, Completing a sale transaction, Transferring value between two parties

Back

Transferring value between two parties

5.

FLASHCARD QUESTION

Front

Which of the following is an example of a need? Jewelry, Food, Luxury items, Technology

Back

Food

6.

FLASHCARD QUESTION

Front

What is an example of a want?

Back

Jewelry

7.

FLASHCARD QUESTION

Front

Which of the following is an example of a service? Food, Housing, Hair styling, Cars

Back

Hair styling

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